International Hotels as its Broker for the
Disposition of Eleven Properties
|SPOKANE, WA – December 21, 2004. WestCoast Hospitality Corporation
(NYSE: WEH) has chosen Colliers International Hotels as its broker of record
for the disposition of eleven hotel properties. WestCoast previously
announced its strategic plan to sell these hotel properties, the majority
of which are in markets where it owns or operates more than one hotel.
As a publicly traded company, WestCoast had been searching for a strong
hospitality brokerage firm to help facilitate a seamless transition between
its announcement and the marketing of the properties.
As a global company with its Northwest headquarters in Seattle, Colliers International Hotels is pleased that WestCoast chose Colliers to help facilitate this transaction. Chris Burdett, Senior Vice President for Colliers International Hotels said, “This is a rare opportunity to represent one of the largest and most recognized hotel companies in the west. We are thrilled that WestCoast chose our firm to represent it in such a complex transaction.”
WestCoast announced at the end of last month that it would sell eleven properties located in four states, including the WestCoast Ridpath Hotel in Spokane and the Red Lion ParkCenter Suites in Boise, Idaho, and that the company intended to use proceeds from the sales to enhance 31 hotels, accelerating WestCoast’s ongoing program to improve hotel quality by increasing customer comfort, freshening décor and modernizing with new technology. WestCoast’s Executive Vice President of Development, David Bell, made the announcement early this week and said, “Colliers International presented the most comprehensive plan to deal with such a large number of assets. Given both of our companies’ roots in Washington and the location of the assets throughout the Northwest, we believed a regional presence, coupled with Colliers’ ability to execute on a global basis, was key in our decision.”
WestCoast currently operates or franchises more than 65 hotels in 12 states and one Canadian province. Although the individual sales prices have not been disclosed, Colliers is currently working on valuation criteria for each property and will begin marketing the assets immediately.
“The disposition of these assets is a top priority going into the new year. Given the size and scope of the overall portfolio, we have already been approached by a number of parties and expect to have individual properties under contract shortly,” said Burdett. All eleven properties are expected to be sold within the next six months and both WestCoast and Colliers International Hotels will be working with each property to help facilitate a smooth transaction for current staff as well as the new owners.
Colliers International Hotels is an international real estate firm exclusively dedicated to the lodging and leisure industry with over 250 offices worldwide. Colliers International Hotels has represented over $3 Billion in lodging transactions since 1985, with its Seattle office completing more than $50 Million in hotel transactions in 2004. For more information Colliers can be found on the World Wide Web at www.Colliers.com.
WestCoast Hospitality Corporation is a hospitality and leisure company primarily engaged in the ownership, management, development and franchising of mid-scale, full service hotels under its WestCoast® and Red Lion® brands. In addition, through its entertainment division, which includes its TicketsWest.com, Inc. subsidiary, it engages in event ticket distribution and promotes and presents a variety of entertainment productions. G&B Real Estate Services, its real estate division, engages in traditional real estate-related services, including developing, managing and brokering sales and leases of commercial and multi-unit residential properties.
This press release contains forward-looking statements regarding WestCoast Hospitality Corporation within the meaning of federal securities law, including statements concerning plans, objectives, goals, strategies, projections of future events or performance and underlying assumptions (many of which are based, in turn upon further assumptions). The forward-looking statements in this press release are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Such risks and uncertainties include, among others, matters discussed in WestCoast Hospitality Corporation’s annual report on Form 10-K for the 2003 fiscal year and in other documents filed by the company with the Securities and Exchange Commission.
WestCoast Hospitality Corporation